A syndicate led by Sofinnova Partners, a Paris-based venture capital firm, has completed a USD12m series A investment in DNP Green Technology, a developer of technologies for molecules to the chemical industry.
In addition to Sofinnova, which participated with USD8m in this round, investors include Mitsui Venture Partners, Samsung Ventures Investment, the Cliffton Group and AquaRimco. All participants in the round are new investors except for AquaRimco.
Both Sofinnova and Mitsui will now be represented on the board of DNP Green Technology.
Part of the proceeds from the investment will be used by DNP Green Technology to commercialise the production of bio-based succinic acid later this year.
Based out of the US and Canada, DNP Green Technology is a biomaterials company focused on the production and purification of organic acids and derivatives using renewable raw materials. Its first product, bio-based succinic acid, is a building block for the production of a number of chemicals and will be available before the end of 2009. The product will be licensed out through Bioamber, DNP Green Technology’s joint venture in France with Agro Industrie Recherches et Developpements, a French agricultural research organisation.
“DNP Green Technology, through its Bioamber joint venture, has the leading technology for the production of bio-based succinic acid, and this round of financing will enable us to be the first to market,” says Jean-François Huc, chief executive of DNP Green Technology. “We plan to leverage this advantage to establish market leadership and accelerate our growth.”
“Sofinnova has been following the green chemicals industry for nearly two years, and this investment is testimony to our continued interest in this sector,” adds Denis Lucquin, managing partner of Sofinnova Partners and member of the board of DNP Green Technology. “DNP Green Technology has the characteristics that we like to see: a technology that has the potential to soon become the world leader, and a strong, experienced team.”
